IEA: Europe enters winter with lowest gas storage levels since 2013
The International Energy Agency warns that Europe's gas storage was only 75% full at the end of October, the lowest level in more than a decade. This could add pressure on international markets in 2027.
Europe is starting the winter season with its lowest natural gas reserves since 2013, the International Energy Agency (IEA), which analyses global energy markets, warned on Tuesday. The agency said this could put additional pressure on international gas markets in 2027.
According to the IEA, European storage sites were 75% full at the end of October. That is below the European Union's minimum target of 80% and the lowest level in more than ten years.
Why stocks are lower
The IEA points to several factors. In the war between the United States and Iran, liquefied natural gas plants in Gulf states have been damaged, and transit through the Strait of Hormuz has declined.
In addition, storage was already at a low level in spring, when refilling began after the heating season ended. Countries initially held back from adding to their stocks, hoping prices would fall. Gas purchases were increased in August, September and October, but this was not enough to make up for the delay.
The volume of gas injected into storage this season was about 4% lower than the average of the past five years.
Possible risks
The IEA says the situation leaves European countries more vulnerable if the winter turns out colder than usual or if technical problems arise in the gas supply network.
Situation in Germany
On Monday, Germany insisted it would have enough gas for the winter season, even though the storage target has not been met. German storage facilities are on average 61% full, below the legally set goal of reaching 70% by 1 November.
